A Truly Fair Flat Tax!

I read in Wikipedia that the net worth of all the people of the USA was 54.5 trillion. So I figured a 7% tax on net worth to be phased in over 10 to 20 years would easily cover national expenditures. Anyone that didn't earn enough income to pay their taxes would see their unearned wealth disappear after 20 years or so. This makes the wealthy elite who inherit their wealth to be forced to be productive or cease to have wealth. Probably there should be an exemption level like only net worth over $50,000 to be taxed. Or other necessary exemptions could be added to guide the economy and make Congress feel good about doing something. Then we could remove the inheritance tax, the corporate tax, the stock market tax and all other federal taxes. Many people who are unable to earn over 7% would have to borrow on their assets to pay the tax, but then they would have less net worth the following year. After a generation the wealthy truly will be the producers in society. Now that's a fair tax!

Pragmatically speaking, even some hybrid tax system on net worth would be fairer than what we have now.